SYNNEX Corporation Announces Acquisitions of Aspire Technology Limited and Encover Inc.
Acquisitions Provide a Proven, Best-of-Breed Renewals Platform
Focused on Driving Profit Expansion
FREMONT, Calif.--(BUSINESS WIRE)--
Concentrix Corporation, SYNNEX Corporation's (NYSE:SNX) Business Process
Outsourcing (BPO) segment, today announced it has acquired two
complementary premier renewal platform companies; Aspire Technology
Limited and Encover, Inc., both privately-held. Aspire services IT
vendors, distributors and resellers primarily in Europe driving renewal
services through its proprietary RenewalsManager SaaS platform. Encover
provides automated services primarily focused in the U.S., enabling IT
vendors to manage renewals through their enterprise ChESS platform and
providing professional services to increase warranty and license renewal
rates.
"We are excited to have Aspire and Encover become the foundation of our
platform BPO services," stated Kevin Murai, President and Chief
Executive Officer of SYNNEX Corporation. "These investments represent a
significant step forward in our BPO services strategy. We are fortunate
to also gain the expertise from the leaders and employees of both
organizations."
"Aspire has had strong success in working with distributors and channel
partners whereas Encover's success has primarily been with enterprise
customers," stated Chris Caldwell, SVP and General Manager of Concentrix
Corporation. "These companies complement each other well and are
industry leaders with their respective proprietary technology platforms
that help customers achieve greater success in their renewal programs.
The combination of these companies gives us a solution set that fits
multiple geographies, complexities and go-to-market strategies of
clients for their renewal needs. These acquisitions also provide
Concentrix cross-sell and margin expansion opportunities while expanding
our BPO footprint."
Clare Findlay, Chief Executive Officer of Aspire Technology Limited
said, "With Concentrix' growing global presence, we will be able to help
our customers in new geographies while attracting new customers to our
platform and services. We look forward to becoming a part of the
Concentrix team."
"Concentrix will help us leverage our deep domain knowledge and leading
software solutions. By combining our capabilities and the scale that
currently exists we will be able to fuel growth into new domestic and
international markets," said John Vitalie, Encover President and Chief
Executive Officer. "We are very excited to be joining the Concentrix
team."
Aspire and Encover together bring approximately 200 employees and $25
million in annual revenues. Aspire is headquartered in London, England
and Encover is headquartered in San Francisco, CA. SYNNEX expects these
acquisitions will incur some initial acquisition integration charges in
the fourth quarter of 2010.
About Aspire Technology Limited
Aspire's cloud-based RenewalsManager™ solution helps global technology
organizations grow maintenance, support and subscription revenues
rapidly and cost effectively. Combining expert knowledge, best in class
data management and insightful analytics, Aspire delivers fast and
flexible solutions. Headquartered in London, Aspire works globally on
behalf of its clients, maximizing the service contract opportunity for
more than 20,000 channel partners in over 100 countries.
About Encover Inc.
Encover's software platform manages over $4 billion of service contracts
and processes millions of transactions annually for customers today in
10 languages and multiple currencies. Encover is an established leader
in Service Sales Solutions with over 10,000 business partners using its
technology daily.
About Concentrix Corporation
Concentrix Corporation is the global business outsourcing division of
SYNNEX Corporation with award-winning expertise in providing our clients
with services and support to enhance their customer relationships. From
locations in the Philippines, China, Costa Rica, Nicaragua, the United
States and Japan, our nearly 5,000 employees support clients in multiple
languages and countries around the world. Concentrix Corporation is a
wholly-owned subsidiary of SYNNEX Corporation (NYSE: SNX), a Fortune 500
company. For more information, please visit www.concentrix.com.
Safe Harbor Statement
Statements in this press release regarding SYNNEX Corporation or
Concentrix Corporation, which are not historical facts, are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These forward-looking statements may be identified by terms such
as believe, expect, may, will, provide, could and should and the
negative of these terms or other similar expressions.
These statements, including statements regarding the strategic growth
opportunities, expansion of our global footprint, increased
cross-selling opportunities, margin expansion opportunities, growth in
the use of the Aspire platform, expansion of the RenewalsManager
platform, growth in the use of the Encover platform, expansion of the
ChESS platform and the benefits of these acquisitions, are subject to
risks and uncertainties that could cause actual results to differ
materially from those discussed in the forward-looking statements. These
risks and uncertainties include, but are not limited to: the successful
transition of Aspire and Encover; loss of Aspire's or Encover's vendors
and customers; general economic conditions and any weakness in IT and
consumer electronics spending; the loss or consolidation of one or more
of our significant OEM suppliers or customers; market acceptance and
product life of the platforms sold by Aspire and Encover; competitive
conditions in our industry and their impact on our margins; pricing,
margin and other terms with our customers; our ability to gain market
share; changes in our costs and operating expenses; risks associated
with our international operations; credit exposure to our reseller
customers, and negative trends in their businesses; and other risks and
uncertainties detailed in our Form 10-Q for the fiscal quarter ended
August 31, 2010 and from time to time in SYNNEX Corporation's SEC
filings. Statements included in this press release are based upon
information known to SYNNEX Corporation and Concentrix Corporation as of
the date of this release, and SYNNEX Corporation and Concentrix
Corporation assume no obligation to update information contained in this
press release.
Copyright 2010 SYNNEX Corporation. All rights reserved. SYNNEX, the
SYNNEX Logo and all other SYNNEX company, product and services names and
slogans are trademarks or registered trademarks of SYNNEX Corporation.
SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and
marks are the property of their respective owners.
Source: SNX — F
SYNNEX Corporation
Lori Barker, 510-668-3715
Sr. Director,
Investor Relations
lorib@synnex.com
or
Hughes
Agency
Amanda Long, 864-271-0708
Senior Account Executive
amanda@hughesagency.org
Source: Concentrix Corporation
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